Home sellers are required by law to disclose all known material facts about a property
to a potential buyer.
In order to insure that there is some standardization in the process, the Arizona
Association of Realtors has developed the
Seller’s Property Disclosure Statement (SPDS) and mandated that it be used
on every transaction.
While this document asks most of the pertinent questions that a buyer might generally
have about a property, it does not relieve the seller of the broader responsibility
to answer any other questions that a prospective buyer might pose.
Moreover, the seller is also obligated to disclose any other facts that might be
needed to insure that the statements they’ve made are not misleading in any way,
regardless of whether or not those questions have actually been asked. Failure to
do so makes them subject to civil penalties.
To review the SPDS, simply click on the image above.